Seaport District Million Dollar Open Houses

If you can dig yourself out of the snow drifts after Saturday’s winter storm, or if you park your car in a garage parking space, the Seaport District is hosting two $1 million+ luxury loft open houses that will be sure to impress.

Channel Center Condo 401

On Sunday, January 11, 2009 from 12:00 PM to 2:00 PM, Unit 401 at 35 Channel Center Street is being held open.  The listing is a stunning loft recently featured in Boston Magazine located in the hot Fort Point Channel neighborhood. Designed by a notable Boston architect and design team, this showcase two-bedroom two-bathroom home was designed with the finest materials and a multitude of custom features including expansive living and dining rooms, generous master bedroom with large dressing area/closet system and spa like bath, open granite/stainless kitchen featuring a large island and abundant storage. Direct access deeded garage parking included.

Unit 401 at Channel Center is listed at $1,190,000 for 1,914 square feet ($622 per square foot) and has monthly HOA fees of $839.

Fort Point Place Condo 622

Additionally appealing is Unit 622 at Fort Point Place (21 Wormwood Street), which is being held open during the same time frame on Sunday, January 11, 2009 from 12:00 PM to 2:00 PM. The listing at Fort Point Place is a truly unique contemporary brick and beam corner Penthouse Loft featured in Design Magazine, with over 2,000 square feet of living space. Kitchen & Master bathroom finishes, tile and lighting from Italian design and all imported from Italy. Spiral up to a 270 square foot private roof deck constructed with Special IPE environmentally friendly wood designed by Beth Whittaker. Juliet Balcony in living area, and southeast exposures offer an abundance of natural light within. Single deeded garage parking space included.

Unit 622 at Fort Point Place is listed at $1,199,000 for 2,058 square feet ($583 per square foot) and has monthly HOA fees of $622.

Boston Lofts for sale at Channel Center

We have been receiving an elevated number of inquiries regarding Boston lofts at the Seaport District’s Channel Center development. The Channel Center lofts development is a 2005 mixed-use development, comprising both new construction and renovation of existing warehouse space – residences are spread across three separate addresses at 15, 25, and 35 Channel Center.

Currently, there are six (6) listings available at Channel Center (see currently available listings 8 MB PDF), ranging in square footage from 1,489 to 2,323, and in price from $549K to $1.325 million. Regardless of which address you have at the development, you’re in for a loft feel (high ceilings, flowing and oftentimes open, floorplans), what changes will be the style of the loft feel from true exposed brick and beam architecture, to a more modern look with drywall versus the brick.

Channel Center offers concierge service, and gives you a chance to get in on an area of the city that is poised to see significant development. For more information about available units at Channel Center, or to list your loft for sale, please contact us using the link at the top of this page.




Channel Center Seaport District Lofts Open Houses

Our Featured Open House of the week is taking place at the Channel Center condo development in Boston’s Seaport District. The development, located at 25-35 Channel Center Street opened in 2004, a combination of a loft-conversion of an existing warehouse, and the development of a new modern lofty-style condo building.

You’ll have the opportunity to tour two (2) units today in the development, which is located just up the street from Fort Point Place (21 Wormwood Street), and still quite close to the under construction FP3 development.

Unit 406 is a 1,489 square foot loft priced at $589,000 that features great brick and beam detail. Garage parking is not included, but the Seller has agreed to pay for 2 years of parking fees in the Channel Center lot located just south of the development.

Channel Center Unit 405

Unit 411 boasts 1,337 square feet, and is priced at a $615,000. This loft features 12 foot ceilings along with a wall of windows, and includes one garage parking space.

Channel Center Unit 411

Channel Center

Both units will be open on Sunday, October 28, 2007. Unit 411 will be open from 1:00 PM to 2:30 PM, and Unit 405 will be open from 2:00 PM to 4:00 PM.

New Channel Center Penthouse Loft For Sale

A new penthouse loft at Channel Center (25 Channel Center) just hit the market yesterday at $1,595,000 ($748.47/square foot). With over 2,100 square feet of living space, gleaming hardwoods, and soaring 21 foot ceilings, this is an exquisite three-bedroom, three-bathroom loft-style condo for sale in Boston’s Seaport District.

This unit has some of the classic features that a discerning loft buyer is seeking:

  • Multiple exposures
  • Channel Center Penthouse floor – dual entrances
  • 21 foot ceilings and 18 foot windows
  • Gas fireplace in the living room and master bedroom
  • Master bath features a glass enclosed shower and a large soaking tub
  • Gourmet kitchen
  • Elevator and concierge building
  • Two (2) garage parking spaces

As we’ve shared with clients, Channel Center, as well as Fort Point Place at 21 Wormwood Street, continue to have at least one or two solid listings that hit the market each month. If you are looking to move into the Seaport District to get in front of the investment wave, this may be your opportunity. Channel Center currently has 11 units on the market, contact us for details on the penthouse featured here, or any of the other units.

See all listings at the Channel Center condo development: Channel Center Listings (11.9 MB PDF).






Channel Center Seaport District Condos & Lofts

Channel Center, a two-building condo loft development in Boston’s Seaport District, is seeing a lot of market action right now, with price changes and new units hitting the market over the past several days, there are now a total of ten available units across the development. The Channel Center development is steps from Fort Point Place at 21 Wormwood Street, and less than half a mile down the street from the new FP3 Boston development.

According to John Keith, around 2004, the Channel Center condominiums at 25-35 Channel Street opened. They did pretty well with sales (although a couple of units stayed on the market, for years). There were two buildings – a converted loft building and a brand-new, modern-looking one, next door. Many of the units in the new building were duplexes with great 20-foot high ceilings. The original developer, Beacon Capital Partners, had grand plans to redesign the entire street, currently made up of a mixture of low-rise industrial and office buildings (with a smattering of artist space, spaced intermittently along the street). They bailed out, last year. The residential sales market cooled (although prices did not), so they decided to pocket their profit and move on.

As reported on August 15, 2007, Commonwealth Center Holdings VAF secured $67 million, and is taking on the second phase of the 1.6 million square foot Channel Center project originally conceived by Beacon Capital Partners, rehabbing the remainder of the area with new housing, office, and retail. Work will commence immediately on renovating three brick buildings lining A Street known as 10, 20, and 30 Channel Center.

As mentioned, there are currently 10 available units (click on link to see listing details for all 10), and what we like about Channel Center in the Fort Point Channel area is the projected $67 million project that will lead to the completion of what was started back in 2004. What does this mean for current residents and potential buyers? Short to medium-term (as well as long-term) gains in equity.

Given the amount of development, money, infrastructure, and attention that the Seaport District is getting these days, this can only lead to positive things as it relates to condo and loft values.

Contact us for more information on any of the Channel Center units, as well as anything else across the city. We have access to every condo in Boston, and enjoy representing buyers.

The below photos were taken of 35 Channel Center Unit 301, which is now priced at $879,000 after a $20,000 price reduction.

35 Channel Center Condos

35 Channel Center Lofts

US Condo Downturn Troubles Lenders and Developers

The Wall Street Journal reported this weekend that in cities across the US, namely Miami, instances of foreclosure and condo development bankruptcy are increasing. The problems are emerging as some buyers who signed contracts to by new condos two to three years ago, when construction was just starting, seek ways to back out as they encounter trouble getting financing in the suddenly dicey mortgage market. Falling prices are forcing appraisals down, so banks aren’t willing to lend the full amounts that people committed to in the sale contract.

Boston appears to be bucking that trend slightly, or at least serving up a different flavor of the same end result. Consider that Bostonians continue to lay down large deposits on units in condo developments that are far off on the horizon, with what on the surface, appears to be little to no concern over obtaining financing when the occupancy date approaches, and final checks have to be written (take for instance the Mandarin Oriental, which is practically 100% sold, and will not open until June 2008, as well as 45 Province, which is on track for a 2009 completion, but is experiencing strong sales, and large deposits, thus far).

Where condo developments seem to be experiencing issues in Boston is not so much on the consumer financing end, or consumer demand for that matter, but on construction costs that have increased to levels that do not allow developers to turn a profit on making the project a reality. Take for instance, Columbus Center, which was approved years ago, but has not broken ground due to rising construction costs that erode project profit potential, the Broadluxe that is currently foreclosed upon by TD Banknorth for various construction cost related issues, the original Channel Center effort that saw a whole block purchased by a developer, only to see a small portion of the area developed, or perhaps most recently, the announcement that East Pier (Portside at Pier 1) in East Boston may flounder because developers anticipate not obtaining the profit levels for which they had hoped.

However, a broad brush stroke story on the state of the entire US provides little insight into the local market here in Boston. Despite the four above-mentioned condo development projects experiencing issues, be that temporary or permanent, construction still continues and will continue. Take for example The Clarendon and Russia Wharf (to name only two), both of which have recently broke ground on new construction in the Back Bay and on the Waterfront respectively.

With the little consistency that is seen (or unseen) in even the Boston market, it leads one to question whether the failure of certain condo development projects in the city are simply a result of particular developers seeking to take advantage of the demand from three to four years ago (the time when planing and permitting took place) , and a lack of planning and foresight to build proper safeguards into their projects.